Cox ABG Group (COXG) Q2 2026 earnings summary

Executive summary

• Completed the acquisition of Iberdrola Mexico (now Cox Asset Mexico), transforming the group’s scale, asset base, and earnings profile, and establishing a leading position in critical energy and water assets.

• Achieved significant scale-up: 27 owned operating assets, 3.9 GW generation capacity, and #1 qualified supplier position in Mexico.

• Shifted business model to focus on contracted infrastructure assets, with Asset Co now the main earnings driver.

• Service Co faced a challenging first half with project delays and cost inflation, but backlog increased 24% year-over-year to EUR 3.34 billion.

• The group now operates in 21 countries, with 91.8% of sales generated internationally.

Financial highlights

• Pro forma H1 2026 revenue: EUR 1.24 billion, up 2.5x year-over-year; adjusted EBITDA: EUR 245 million, up 3x; operating cash flow conversion improved to 52%.

• EBITDA margin improved to 20% from 16% in H1 2025; operating cash flow reached EUR 129 million, 3.4x higher than prior year.

• Net financial debt/EBITDA at 4.9x; gross debt EUR 3.7 billion, cash and liquidity over EUR 330 million.

• Adjusted net income (proforma) for H1 2026 at EUR 66 million, excluding one-off financial expenses; reported net income -EUR 112 million due to higher financial costs and amortization.

• Total assets: EUR 6,629 million (vs. EUR 1,407 million at 2025 year-end); international sales: 91.8% of total.

Outlook and guidance

• Focus on execution, backlog conversion, margin recovery in Service Co, and rapid deleveraging supported by recurring cash flow and asset rotation.

• No specific H2 or full-year 2026 guidance provided; growth to be concentrated in six key regions including Mexico, Central America, Chile, Brazil, Africa & Middle East, and Spain.

• Asset Co to increase its weight in the group, with continued strong performance expected from Cox Asset Mexico.

• Service Co strategy to become lighter, with margin restoration and backlog conversion as priorities.

• Growth investment plan aligned with balance sheet strength and clear funding sources, not bound by a specific timeline.